Echo on Eighth, a 23-unit apartment property near downtown Sarasota, has sold for $4.85 million, or about $210,870 per unit.
Hewitt Real Estate Holdings purchased the property at 785 N. Osprey Ave. from Insula Companies in a transaction brokered by Marcus & Millichap, which represented the seller and procured the buyer. The sale reflects continued investor demand for renovated multifamily properties in Sarasota’s urban core, where smaller apartment communities near downtown continue to attract buyers seeking stabilized assets with limited near-term capital needs.
“This was a deal where our team’s outreach efforts came to fruition. We quickly found a Midwest-based buyer who was buying their first-ever multifamily property,” Jason Hague, managing director investments in Marcus & Millichap’s Tampa office, said in a statement. “Despite some speedbumps along the way, we were able to close at an impressive price per unit and price per square foot for this submarket.”…